Setting up business in Cambodia - what are we missing?
- Jerry Atrick
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Re: Setting up business in Cambodia - what are we missing?
Khmer aged 12 to 70.SternAAlbifrons wrote: ↑Mon Sep 21, 2020 9:05 pmThat's cause for hope. And interesting too.Jerry Atrick wrote: ↑Mon Sep 21, 2020 7:33 pm 3: tourism numbers for places like SHV and Kampot ore waaaay up on local business and just beginning to get going imo.
Can i ask, Jerry, who are they?
ie nationality, age group, class and type of tourist etc
Another Q, while we are on the subject ('might be of interest to OP too)
The expat market.
Expats have always been a relatively small, but still significant market for some tourist locations.
Speaking for the coast - Snooky was big in the good old days. Kampot always, Kep increasingly in recent years. Koh Kong maybe not quite so much, but definitely still a factor.
The big pos+ of having expat clientele is that they can be regulars returnees for a number of years.
Some expats have got serious money, almost all like to live it up one way or another when holidaying at their favourite resort.
And there are ?? 30/40,000 these days. NGO's, foreign gov employees, biz, retirees.
the Q.
Are expats going to be an especially valuable little niche for tourist businesses, for the next few years until the regular tourist inflow starts to seriously kick off again?
The growing lower middle class economy of the trend from recent years.
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Re: Setting up business in Cambodia - what are we missing?
So you want to buy an existing property and make it into a guesthouse Or buy an existing guesthouse?
Anyway both options seem complicated and expensive for me especially since you’re foreigners. Permits ,visas, Property ownership all will be difficult. I seen some crappy resorts for sale in snooky for outrageous asking prices..Why Cambodia?
Anyway both options seem complicated and expensive for me especially since you’re foreigners. Permits ,visas, Property ownership all will be difficult. I seen some crappy resorts for sale in snooky for outrageous asking prices..Why Cambodia?
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Re: Setting up business in Cambodia - what are we missing?
Best thing to do is wait about a year.
Re: Setting up business in Cambodia - what are we missing?
Hello All and apologies for completely ignoring everyone's comments. With Covid being a nightmare in the UK we put all our plans on hold until we're allowed to leave our houses for more than an hour a day and I rather forgot that I'd posted on here.
So, in case anyone is still looking
We are in our early 40's.
We love South East Asia in general, and the reason we chose Cambodia was because the rules on foreigners owning a business are less strict. We would rather 100% own a business. Plus the weather is a big draw (though I imagine cleaning room in the height of summer would be not so much fun.
We have absolutely no interest in doing this in the UK because we don't like living here!
We have been backpacking alot - both on short term trips (about a month at a time, and long term (just over a year). This is part of why we want to own a small guesthouse/hostel - so we can meet other travellers. It also has the added advantage of being somewhere we can live without having to rent somewhere else to live. A bar would be the other option but I suspect we would drink all the profits.
We know it will be very hard work and don't expect anything else!
We have enough money to survive about 3 years.
One question I do have is around the Medical check for Work Permits - any idea what they are checking? I'm a diabetic, albeit in remission and that would be a really stupid reason to fail it!
Thanks everyone - all opinions good or bad are appreciated!
So, in case anyone is still looking
We are in our early 40's.
We love South East Asia in general, and the reason we chose Cambodia was because the rules on foreigners owning a business are less strict. We would rather 100% own a business. Plus the weather is a big draw (though I imagine cleaning room in the height of summer would be not so much fun.
We have absolutely no interest in doing this in the UK because we don't like living here!
We have been backpacking alot - both on short term trips (about a month at a time, and long term (just over a year). This is part of why we want to own a small guesthouse/hostel - so we can meet other travellers. It also has the added advantage of being somewhere we can live without having to rent somewhere else to live. A bar would be the other option but I suspect we would drink all the profits.
We know it will be very hard work and don't expect anything else!
We have enough money to survive about 3 years.
One question I do have is around the Medical check for Work Permits - any idea what they are checking? I'm a diabetic, albeit in remission and that would be a really stupid reason to fail it!
Thanks everyone - all opinions good or bad are appreciated!
Re: Setting up business in Cambodia - what are we missing?
20 years late
maybe burma or laos
maybe burma or laos
Re: Setting up business in Cambodia - what are we missing?
Being a retired person I'm puzzled to why people think they can go to a strange country and do business rather than in there own country, I've meet a few with grand ideas only to go home broke 8 months later.
I've meet some wonderful people working over here for less than a $100 a week some only working for food accommodation and drinks, but what future do these people see for themselves I'm not sure.
But I'm sure thier world doesn't come crashing down around them when they miss out on the last BBQ duck
I've meet some wonderful people working over here for less than a $100 a week some only working for food accommodation and drinks, but what future do these people see for themselves I'm not sure.
But I'm sure thier world doesn't come crashing down around them when they miss out on the last BBQ duck
Last edited by atst on Tue Jan 26, 2021 10:53 pm, edited 1 time in total.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
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Re: Setting up business in Cambodia - what are we missing?
Sarah,SarahC wrote: ↑Tue Jan 26, 2021 9:37 pm Hello All and apologies for completely ignoring everyone's comments. With Covid being a nightmare in the UK we put all our plans on hold until we're allowed to leave our houses for more than an hour a day and I rather forgot that I'd posted on here.
So, in case anyone is still looking
We are in our early 40's.
We love South East Asia in general, and the reason we chose Cambodia was because the rules on foreigners owning a business are less strict. We would rather 100% own a business. Plus the weather is a big draw (though I imagine cleaning room in the height of summer would be not so much fun.
We have absolutely no interest in doing this in the UK because we don't like living here!
We have been backpacking alot - both on short term trips (about a month at a time, and long term (just over a year). This is part of why we want to own a small guesthouse/hostel - so we can meet other travellers. It also has the added advantage of being somewhere we can live without having to rent somewhere else to live. A bar would be the other option but I suspect we would drink all the profits.
We know it will be very hard work and don't expect anything else!
We have enough money to survive about 3 years.
One question I do have is around the Medical check for Work Permits - any idea what they are checking? I'm a diabetic, albeit in remission and that would be a really stupid reason to fail it!
Thanks everyone - all opinions good or bad are appreciated!
Impossible to give you an opinion right now because of covid and closed borders. And who knows when and if things will return to 'normal'. I suspect they won't for some time.
Have you lived in Cambodia before, and if so, when, where, and for how long ? Any ideas you might have got from a backpacker holiday in Cambodia a few years ago will probably not be valid today. Sorry to be negative.
On the bright side, I met a couple of Brits who moved to Cambodia last year just before the covid and got stuck with the border closures, and now they have opened a restaurant and seem to be having a great time.
So good luck.
Re: Setting up business in Cambodia - what are we missing?
Thank you for the reply re diabetes.. Much appreciated.
I also find it extremely.odd that people try something they wouldn't try at home. So to be clear, we could do it in the UK, financially speaking - in fact it may even be easier in some ways as we'd be able to borrow money etc & keep working for a bit but we simply don't want to live here.
We also don't plan to rock up & buy the 1st business we see. We have, in addition to the money we would invest, money to live in Cambodia for a decent amount of time so we ge the lay of the land. It would be completely stupid to take a punt with our savings before properly getting to know a place. It's 3 years since we spent 2 months in Siem Reap and we're aware it will be different, even if Covid was not a thing..We're prepared to not do it if it doesn't make sense.
Again, extremely appreciative of all opinions and advice. Thank you all
I also find it extremely.odd that people try something they wouldn't try at home. So to be clear, we could do it in the UK, financially speaking - in fact it may even be easier in some ways as we'd be able to borrow money etc & keep working for a bit but we simply don't want to live here.
We also don't plan to rock up & buy the 1st business we see. We have, in addition to the money we would invest, money to live in Cambodia for a decent amount of time so we ge the lay of the land. It would be completely stupid to take a punt with our savings before properly getting to know a place. It's 3 years since we spent 2 months in Siem Reap and we're aware it will be different, even if Covid was not a thing..We're prepared to not do it if it doesn't make sense.
Again, extremely appreciative of all opinions and advice. Thank you all
- truffledog
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Re: Setting up business in Cambodia - what are we missing?
Hello Sarah
I can understand your dreams and I want to encourage you to follow them. You will probably regret the rest of your life if you dont try. I am pretty sure that it is a very good moment to go for it as there is a lot of offers for guesthouses/small hotels you can buy or rent (just looking at some cambodian real estate pages). There will be even more offers that are not listed in the net once you arrive and look around.
I assume you have done your homework and are aware of the tradeoffs between buying and renting. There is still a lot of highly inflated property prices and ridicolous rents out there at the moment, but also a few interesting bargains. So take your time to make a well balanced decision. Things can change pretty quickly in Cambodia these days. What is a nice area now can suddenly be in the middle of a huge construction site leaving you in the dust and killing your business.
Whatever option you will take the one thing in common is that your business must produce enough returns to justify the risk of investing money and TIME aka your working hours. As others have stated it makes no sense to work 18 hours seven days and not beeing able to pay yourself a decent salary (min. 2500 US per month each) after paying all the running costs. A good financial planning is essential and will reveal if a project is worth taking on. Dont wear pink glasses when you estimate returns and costs.
I can understand your dreams and I want to encourage you to follow them. You will probably regret the rest of your life if you dont try. I am pretty sure that it is a very good moment to go for it as there is a lot of offers for guesthouses/small hotels you can buy or rent (just looking at some cambodian real estate pages). There will be even more offers that are not listed in the net once you arrive and look around.
I assume you have done your homework and are aware of the tradeoffs between buying and renting. There is still a lot of highly inflated property prices and ridicolous rents out there at the moment, but also a few interesting bargains. So take your time to make a well balanced decision. Things can change pretty quickly in Cambodia these days. What is a nice area now can suddenly be in the middle of a huge construction site leaving you in the dust and killing your business.
Whatever option you will take the one thing in common is that your business must produce enough returns to justify the risk of investing money and TIME aka your working hours. As others have stated it makes no sense to work 18 hours seven days and not beeing able to pay yourself a decent salary (min. 2500 US per month each) after paying all the running costs. A good financial planning is essential and will reveal if a project is worth taking on. Dont wear pink glasses when you estimate returns and costs.
work is for people who cant find truffles
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